Walker & Dunlop completed a $15.5 million acquisition loan for four extended stay properties in Ohio and Indiana by Sandpiper Hospitality.
The loan was closed through Walker & Dunlop Commercial Property Funding, LLC. To date, Walker & Dunlop has financed or arranged the financing for 11 Value Place/WoodSpring Suites for Sandpiper Hospitality.
The firm used a three-year, interest-only bridge loan to allow Sandpiper Hospitality to complete the acquisition while the properties are stabilized. Within the portfolio, two of the properties were recently constructed and have not yet achieved stabilization, and three of the four will undergo a rebranding from a Value Place to a WoodSpring Suites in the fourth quarter of 2016. The Value Place franchise is currently in the process of rebranding all of its properties to the new WoodSpring Suites, which is expected to expand the network and customer base as well as drive RevPAR growth.
Walker & Dunlop Managing Director, Stephen Farnsworth and Managing Director and Head of Originations, Geoff Smith led the team.